LISLE, Ill., April 20, 2018 /PRNewswire/ -- AAIS
(American Association of Insurance Services), the only national
not-for-profit insurance advisory organization governed by its
member companies, announced the filing of the first-of-its-kind
Cannabis Businessowners Policy in the state of California, today – 4-20.
By 2020, cannabis businesses in the U.S. are expected to
generate more than $20 billion in
medical and recreational sales, and over 250,000 jobs. The cannabis
industry is expanding rapidly despite numerous obstacles and strict
state regulations.
In September 2017, the California
Department of Insurance requested that AAIS develop cannabis
insurance solutions for the California cannabis market. AAIS
responded by expedited development of a state-specific
businessowners program (BOP) for the cannabis industry, complete
with forms, rules, and rating information.
Like most standard businessowners programs, the AAIS California
CannaBOP program provides a package policy containing both property
and liability coverage for qualifying California cannabis dispensaries, storage
facilities, distributors, processors, manufacturers, and other
businesses participating in or supporting the California cannabis industry.
"The burgeoning Cannabis industry represents a tremendous growth
opportunity for insurers," according to John Rich, AAIS Commercial Lines Product
Manager. "At AAIS, we believe that it is important for our member
carriers to have qualified programs in order to respond quickly to
market needs."
AAIS has also filed a broad interline Cannabis Items and
Activities Exclusion with the state of California. The mandatory exclusion
endorsement will apply to all commercial lines policies in
California, other than CannaBOP,
and will be filed on a nationwide basis in order to facilitate
expansion of the CannaBOP program beyond California.
The CannaBOP program is effective upon approval. For additional
information about CannaBOP affiliation and program details, please
visit http://www2.aaisonline.com/cannabop.
ABOUT AAIS
Established in 1936, AAIS continues to
serve the Property & Casualty insurance industry as the only
national nonprofit advisory organization governed by its member
insurance carriers. AAIS delivers tailored advisory solutions
including best-in-class policy forms, rating information and data
management capabilities for commercial lines, inland marine, farm
& agriculture and personal lines insurers. Its consultative
approach and unrivaled customer service underscore a focused
commitment to the success of its members. For more information
about AAIS, please visit www.aaisonline.com.
View original
content:http://www.prnewswire.com/news-releases/on-4-20-aais-files-first-cannabis-businessowners-insurance-policy-300633802.html
SOURCE AAIS